Corn futures are trading within 2 cents of UNCH at midday, as the old crop is working back into the black but new crop is holding onto earlier weakness. The May contract has seen a 5 1/2 cent range so far for Tuesday.Â
The NASS Texas Crop Progress report showed TX corn planting reached 20% complete as of 3/5. That is 7% points ahead of the average pace. Milo was 14% planted, matching the average pace.Â
Weekly Inspections data had 899,810 MT of corn exports for the week that ended 3/2. That was up from 650k MT last week but was about 700k MT below the same week last year. Mexico was the top destination for the week with 375k MT of the total. Accumulated corn exports hit 15.285 MMT as of 3/2, compared to 24.787 MMT last season.Â
Brazil’s Safras and Mercado reported 1st crop harvest at 35.4% finished, slightly above the 5-yr average pace. 2nd crop planting was shown as 57% finished for the Center-South region as of 3/5, that trails the 5-yr average by 8.2% points. AgRural reported the Center-South corn planting for Brazil reached 70% complete. That compared to 55% last week and 80% last year.Â
Mar 23 Corn  is at $6.46, up 1 1/2 cents,
Nearby Cash  is at $6.37 3/4, down 3/8 cent,
May 23 Corn  is at $6.36 1/2, down 1/2 cent,
Jul 23 Corn  is at $6.25 1/4, down 1/4 cent,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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